Futures dip before Fed policy meeting kicks off

﻿U.S. stock index futures were marginally lower on Tuesday ahead of the Federal Reserve's closely watched two-day meeting, where it is widely expected to raise interest rates. Britain's parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, potentially adding a layer of uncertainty in the market. An almost certain U.S. rate hike lifted the dollar by a third of a percent to 101.67. Wall Street's major indexes have been trading in a tight range since the start of the month as investors prepared for higher rates following a slew of hawkish comments from top Fed officials. Stocks ended flat on Monday, with the S&P 500 trading in its tightest range this year as the focus was firmly fixed on the Fed meeting.

The next big question for the market is whether the Fed could get on a more aggressive path to tightening monetary policy than previously expected as economic data shows signs of improvement, with a potential boost from President Donald Trump's proposed fiscal policies. The Fed will release a statement at 2:00 p.m. ET (1800 GMT) on Wednesday followed by a press conference by Fed Chair Janet Yellen.

Shares of Valeant (VRX. N) plunged 13 percent to $10.56 in heavy premarket trading after billionaire investor William Ackman said his hedge fund, Pershing Square Capital Management, sold its entire stake in the company. DSW (DSW. N) was up 3.4 percent at $20.50 after the footwear and accessories maker reported quarterly profit that beat analysts' average estimate. Futures snapshot at 7:23 a.m. ET:

Boeing, aerospace manufacturers back U.S. tax overhaul SEATTLE Boeing Co and about 90 other aerospace companies are urging Congress to overhaul the U.S. tax system, saying a set of changes Republicans proposed last year - including a big cut in the corporate tax rate - will make them more competitive globally and help create U.S. jobs.

Fed, in shift, may move to faster pace of rate hikes SAN FRANCISCO/WASHINGTON The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes.

Toshiba pushes sale of nuclear unit Westinghouse as crisis deepens TOKYO Toshiba Corp is 'actively considering' a sale and other strategic options for U.S. nuclear unit Westinghouse, the group said on Tuesday, as it expanded a probe into problems there that caused it to miss an earnings deadline for a second time.